PanAm Renegotiation to Provide Chubut with US$778mn

Argentina's Chubut province will receive an additional US$778mn over the next 10 years as a result of the renegotiation of E&P contracts held by Anglo-Argentine firm Pan American Energy (NYSE: PAE), the provincial government said in a statement.

Pan American holds 54% of hydrocarbons areas in the province.

Other operators in the province - including the YPF subsidiary of Repsol YPF (NYSE: REP), the Sipetrol subsidiary of Chile's state oil company Enap and local oil company Tecpetrol - will have to renegotiate their contracts in similar ways.

As a result of Pan American's negotiations, the province will create a US$120mn infrastructure fund for the next four years, according to a separate statement.

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